The nine oil-producing states in Nigeria received a whopping sum of N544.9 billion as part of the 13% oil derivatives share from the federal government in the first half of 2023, a 44.2% increase compared to N377.9 billion received in the corresponding period of 2022.
Despite the surge in the allocation, the states saw their debt profile jump by N465.4 billion in the first six months of the year, indicating a rising debt profile amidst a tight fiscal environment.
The allocation in the first six months of 2023 already surpassed the entire amount shared in 2021 (N448.7 billion) and 2020 (N424 billion). The nine states are Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo, and Rivers.
Delta State received the highest share in the first half of 2023 with N180.05 billion, accounting for 33% of the entire amount shared by the nine states.
In second was Akwa Ibom with N130.8 billion, representing 24% of the total amount shared. The state’s 13% share increased by 63.5% compared to the N80.17 billion received in the corresponding period of 2022
Bayelsa State received a sum of N92.96 billion in the review period, 21.1% above the N76.7 billion received in H1 2022 but 16.5% lower than the N92.96 billion that was allocated to the state in the second half of 2022.
Rivers (N92.74 billion)
Edo (N17.5 billion)
Ondo (N16.9 billion)
Anambra (N5.4 billion)
Abia with N2.4 billion.
